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In 1982, Raleigh acquired a major development site in London, an office building at 3, 4 & 5 Millbank Street, directly across from the House of Lords.  Partnering with the Japanese development firm, Kumagai Gumi, Raleigh embarked upon a multi-year process to obtain development rights to convert the building into a five-star hotel, The Raleigh.  By 1987, however, with the appreciation of the Pound Sterling and the value of the entitled site both having worked to Raleigh’s considerable favor, the partnership elected to sell the project.